New World Disorder: The better answer to climate change would be to invest in green energy
Emerging economies will not sacrifice poverty eradication and economic development to follow a net-zero policy approach that brings so much pain for so little climate reward.
In the absence of affordable, effective fossil fuel replacements, the climate policy espoused by advanced economies just means costlier power bills and lower growth rates, to achieve tiny changes in temperature rises.. The best long-term strategy would be to dramatically increase investment in green energy research and development. This approach would be much more effective while likely being 10 times cheaper than the approach taken by North America and Europe.
Consider how the computer went from being incredibly rare and expensive to commonplace and cheap. Governments didn’t achieve this revolution by subsidizing every Western home in the 1960s or 1970s to install a massive, relatively inefficient computer in their basement.
In rich countries today, energy policies that were designed to make fossil fuels expensive are now doing exactly what they were supposed to do. Sadly, this means great pain and a very bleak winter ahead. Other countries are wise to pay heed to this lesson, and we should all instead take the pathway of innovation.Bjorn Lomborg is President of the Copenhagen Consensus and Visiting Fellow at Stanford University’s Hoover Institution.
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